1. Marketing
    the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
  2. Needs
    State of felt deprivation.
  3. Wants
    The form human needs take as shpaed by culture and individual personality.
  4. Demands
    Human wants that are backed by buying power.
  5. Market Offerings
    Some combination of products, services, information, or experiences ordered to a market to satisfy a need or want.
  6. Marketing Myopia
    The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
  7. Exchange
    the act of obtaining a desired object from someone by offering something in return.
  8. Market
    the set of all actual and potential buyers of a product or service.
  9. Marketing Management
    the art and science of choosing target markets and builidng profitable relationships with them.
  10. Production Concept
    the idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency
  11. Product Concept
    the idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements.
  12. Selling Concept
    The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.
  13. Marketing Concept
    the marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do.
  14. Societal Marketing Concept
    the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.
  15. Customer Relationship Management
    the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
  16. Customer-Perceived Value
    the customer's evaluation of the difference between all the benenfits and all the costs of a marketing offer relative to those of competing offers.
  17. Customer Satisfaction
    The extent to which a product's perceived performance matches a buyer's expectations.
  18. Customer-Managed Relationships
    Marketing relationships in which customers, empowered by today's new digital technologies, interact with companies and with each other to shape their relationships with brands.
  19. Consumer-Generated Marketing
    brand exhanges created by consumers themselves-both invited and uninvited-by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.
  20. Share of Customer
    The portion of the customer's purchasing that a company gets in its product categories
  21. Customer Equity
    the total combined customer lifetime values of all of the company's customers
  22. Internet
    a vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository
Card Set
Marketing and Introduction, Armstrong, Kotler Chapter 1